Portland, OR -- (SBWIRE) -- 06/22/2018 -- Asia-Pacific is expected to grow at a highest growth rate, due to growth of financial technology as well as increased penetration of internet and mobile phones.
The Global Personal Finance Software Market was valued at $795 million in 2016, and is projected to reach at $1,213 million by 2023, growing at a CAGR of 6.40% from 2017 to 2023, according to the latest report published by Allied Market Research. In 2016, the web-based software segment accounted for the highest revenue share in the global market.
Rise in need for advanced financial tools, technological advancements related to new product development, and availability of low-cost products drive the growth of the global personal finance software market growth. However, low awareness about personalized financial products and services as well as availability of open-source solutions hamper the market growth.
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The web-based software segment dominated the global market in 2016, and is expected to maintain its dominance during the forecast period, owing to availability of personal management software mainly on PC & Mac.
Based on end user, the small businesses users segment led the market in 2016, and is projected to maintain its dominance in the future. However, the individual consumers segment is expected to witness the highest growth, owing to enforcement of regulations by the regulatory authorities related to data security.
Rise in Need to Track and Manage Income
The adoption of personal finance software has increased over a period of time due to rise in need to track and manage the income flow of an individual or of a small business. Use of these software's has made handling financial details easy as it can track investments and every small transaction. Moreover, personal finance software's can even be linked with internet banking to give live updates of transactions and helps the end users in money management. In addition, numerous benefits provided by personal finance software, which includes quick and easy account reconciliation, budget planning, availability of online bill payment, helps to track and analyze investments and others boost the adoption of this technology in the market. Thus, it is one of the prominent factors boosting the growth of the personal finance software market.
Increase in Dependency on Internet
Continuous growth in penetration of internet worldwide and its increase in use for day-to-day activities and critical operations is one of the key driver of this market. Banks, financial institutions, and payment card companies enable customers to make transactions, such as online transactions and payments, using the Internet. Personal finance software helps keep track of such transactions and manage money flow. In addition, digital banking penetration is also increasing in the developing countries such as China, India, and others, which in turn is expected to drive the demand of personal finance software.
Key Findings of the Personal Finance Software Market:
- The mobile-based personal finance software segment is expected to exhibit significant increase in the global personal finance software market during the forecast period.
- In 2016, the small businesses users segment accounted for the highest revenue among the other end users.
- North America generated the highest revenue in 2016.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.
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Some of the key players operating in the personal finance software market that are profiled in the report include Quicken Inc., The Infinite Kind, You Need a Budget LLC, Microsoft, Moneyspire Inc., doxo Inc., BUXFER INC., Personal Capital Corporation, Money Dashboard, PocketSmith Ltd., and others.